$\begin{align}{\bf Hint} \ \ a\neq 0\
\Rightarrow&\ \ \color{#c00}{a^{\large -2}} =\, (a^{\large -1})^{\large 2} \in S\ \ \text{by $\,S\,$ contains all squares}\\
{\rm so}\ \ \ a\in S\ \Rightarrow&\ \ a^{\large -1} =\, a\cdot \color{#c00}{a^{\large-2}}\in S\ \ \text{by $\,S\,$ is closed under multipication}
\end{align}$
Remark $ $ The essence can be presented more simply in additive form, using only integers.
Theorem $\ $ If $\,S\,$ is a set of integers containing all even integers,
then $S$ is closed under subtraction $\iff S$ is closed under addition.
Proof $\ $ Suppose $\,a,b\in S.\,$ If $\,S\,$ is closed under addition then $\,a+b+2(-b) = a-b\in S\,$ since by hypothesis the even integer $\,2(-b)\in S.\,$ Conversely if $\,S\,$ is closed under subtraction then $\,a-(0-b) = a+b\in S\,$ since by hypothesis the even integer $\,0\in S.$
Readers familiar with groups and monoids can rephrase the above in that language.